US health benefits provider Lane Health has launched a health savings account (HSA).
The solution, offered through participating employers, includes an advance feature that works like a line of credit through the account enabling employees to pay for qualified medical expenditures.
The Lane Health plan provides on-demand access to the feature with no credit checks and is issued and funded by WebBank, through Lane Health, with no risk to the employer.
Advances are repaid through pre-tax HSA contributions over a twelve-month period, regardless of when the advance starts during the calendar year, while employers incur no payroll taxes on dollars that employees contribute to an HSA.
Commenting on the launch Brad Gambill, Lane’s co-founder and CEO, said: “We were fortunate to have a number of partners willing to provide debt and equity funding to the Lane platform. WebBank immediately grasped the significance of our value proposition for the consumer: medical cost savings, improved quality of care and peace of mind. They offered a compelling package of committed capital to support our mission.”
Jason Lloyd, president of WebBank, added: “The increasing cost of healthcare and healthcare insurance continues to drive the need for innovative credit and payment plans.
“We are excited about the launch of this next generation credit product that is fully integrated with the Lane Health Savings Account product.”